Yahoo told to stop wasting money by investor Canyon Capital

Yahoo said that a letter sent to its board from the investor Canyon Capital included misinterpretations about the firm.

Canyon Capital wrote in a letter seen by Reuters, that Yahoo’s board and management team have invested more than $3bn on acquisitions to which, depending on its stock price, the market appears to ascribe negative value.

The company urged Yahoo not to waste any additional capital and to prioritise a sale of its core business, a part of its assets, or the entire firm.

Responding to the Canyon Capital letter, Yahoo said: "Our board and management team have been and remain firmly committed to acting as good stewards of capital and delivering sustainable shareholder value.